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? Perfect moment for a reversal. We’ve hit the weekly S1 and cleared a significant pool. If not now, when? $56k is already on the horizon.
Altcoins theoretically look more appealing, but aside from the long position on STRK, we haven’t found anything else.
? Blockchain technology doesn’t exist in a vacuum, and the outside world has become a less secure place. Could crypto survive a TradFi collapse?
✅ These are heady times for the blockchain and crypto sector. In the first half of 2024, spot Bitcoin ETFs debuted on Wall Street, a major U.S. presidential candidate came out in favor of cryptocurrencies, and BTC experienced its fourth quadrennial “halving” and reached new market highs.
✅ Moreover, Ether — the world’s second-largest cryptocurrency — stands on the verge of another milestone, with an Ether ETF potentially launching in the U.S. as early as July 8.
But crypto doesn’t exist in a vacuum, and the outside world has become a less secure place, wracked by several major wars, extreme weather events, and persistent monetary inflation.
Given the circumstances, a cross-border meltdown in the traditional financial system by year’s end isn’t unthinkable. So, it bears asking: If a TradFi crisis does materialize, what becomes of the latest crypto bull run?
? Ethereum is holding strong as expected, with ETHBTC in a confident uptrend.
Don't be alarmed by the prolonged correction with weak momentum; the coin is still in an upward trend and eyeing a new high. We will likely see the end of this correction and a new surge this month.
However, before that, we might need to dip a bit lower, as suggested by the local OF. The most attractive spot for opening longs appears to be the prominent OB at $3,150, as predictable as it may seem.
? Celebrity memecoins have emerged as the newest trend in crypto for 2024, with personalities like Caitlyn Jenner and Iggy Azalea launching their own memecoins, sparking both interest and controversy.
As with every bull cycle, projects tied to celebrities have faced accusations of retail dumping and scamming unsuspecting investors.
The tradition dates back to 2017, when Paris Hilton and Floyd Mayweather promoted ICO projects, many of which turned out to be fraudulent.
From 2021 to 2022, the trend shifted towards NFTs and the metaverse, with influencers like Jake Paul and Donald Trump endorsing questionable projects.
In 2024, memecoins took center stage, attracting attention from figures like Lil Pump and Andrew Tate. However, celebrity endorsements often signal market overheating with swift declines in memecoin volumes and prices since May.
? Drake recently lost $1 million in Bitcoin through a series of unsuccessful bets on the NBA and the Stanley Cup. The rapper, known for his gambling habits, lost big during the NBA Finals and showcased his failures on Instagram, highlighting his association with Stake, a gambling platform that allows crypto betting.
Stake has been benefiting from its partnership with Drake since 2020, making substantial profits from users. Despite the platform's restrictions in some countries, Drake used a VPN to bypass these limitations, only to lose a significant amount of money.
Drake's gambling misfortunes are not new, but this recent loss underscores the volatility and risks associated with betting, even for high-profile individuals. Stake, on the other hand, continues to thrive, earning around $2.6 billion annually from such activities.
? Bitcoin is at a critical juncture, with market movements suggesting significant potential outcomes. With a four-month-long consolidation period, traders and analysts are closely watching for a breakout in either direction.
? Here's a breakdown of the scenarios:
Reaccumulation: This is the bullish scenario, where BTC could see a rapid liquidation of liquidity below followed by a sharp rebound, potentially taking the price to $80,000.
Double Top: A scenario causing concern among some traders. This could lead to a sharp decline, with potential support around $50,000, or even a test of the $49,000 level. A further dip to $38,000 is less likely but still possible.
Distribution: On the monthly chart, there's a significant range with a lower boundary at $29,000. If BTC completes a full distribution pattern by hitting ATH and then reversing to $60,000, it could spell trouble, fulfilling bearish predictions.
Current market sentiment suggests a desire to shake out weak hands before a potential rally driven by a narrative around interest rate cuts, with a key timing around the U.S. elections in 1-2 months.
Given this, scenarios 1 and 2 seem more plausible and wouldn't disrupt the long-term trend. Anxiety should only set in if BTC hits ATH and then dives again.
In the meantime, Bitcoin has bounced back 5% from yesterday’s levels, and altcoins are showing resilience. While trading within the range might continue throughout the summer, it's logical to look upward from the current lower boundary. If a double top forms, we’ll be ready for it!
?? Iceland’s crypto industry is "making strides" but has yet to reach its full potential, says Gulli Gislason of Viska Digital Assets. The 2008 banking crisis and subsequent capital controls opened eyes to cryptocurrencies. In 2014, Iceland’s own "Satoshi Nakamoto" airdropped Auroracoin, sparking public interest.
Despite being rich in renewable energy, Iceland faces challenges with energy demand and regulatory constraints limiting new power plants. Bitcoin miners, although utilizing excess energy, are seen negatively due to current energy shortages.
Gislason remains optimistic, noting the need for more power plants and highlighting Viska Digital's focus on liquid tokens and strong risk management. He believes the industry is on the cusp of mainstream adoption, with major players like BlackRock entering the market.
? Stay tuned for more updates on Iceland's evolving crypto landscape.
? Bitcoin's recent price action shows critical support levels at $64,000 and $63,074. If these levels do not hold, the next significant support is around $60,000, with $58,735 being a key reversal level.
Key Indicators:
? Short-term holder cost basis (STHCB) crossed at $64,000.
? 21-week SMA at $63,074.
? RSI and MACD on four-hour charts suggest potential for a rebound.
Short-term Outlook:
- Potential drop to $60,000 if current support levels fail.
- Watch for a rebound if RSI and Bollinger Bands indicate increased volatility.
Long-term Outlook:
? Stability above $64,000 and $63,074 is crucial for potential recovery.
Stay updated for more detailed market analysis! ?
? Continuing our Bitcoin coverage, BTC has dropped to six-week lows, touching $63,356 on June 21. Down 3.7% week-to-date and 5.75% in June, BTC struggles to hold the $64,000 mark.
Bitcoin crossed its short-term holder cost basis (STHCB) at $64,000, a key support level since the end of the 2022 bear market. Additionally, the 21-week simple moving average (SMA) at $63,074 is another crucial level to watch.
? Traders note low market participation, with the price influenced by automated trading. There's potential support at $60,000 if the current levels don't hold. Technical indicators like RSI and MACD on four-hour charts suggest potential for a rebound.
BTC needs sustained buyer interest to recover, with $64,000 and $63,074 as critical levels for the short-term outlook.
Stay tuned for further analysis and insights on this developing situation.
✅ Bitcoin is setting up for a significant price breakout, with new analysis suggesting a target of $90,000 and beyond. Popular trader Roman has highlighted bullish signals in the BTC/USD weekly chart, pointing to a potential surge.
Despite recent consolidations, Bitcoin's long-term outlook remains strong. Roman's analysis focuses on the Relative Strength Index (RSI) and Bollinger Bands, which indicate increasing volatility and a potential upward move. The RSI is showing bullish divergence, and Bollinger Bands are tightening, suggesting an imminent breakout.
Roman emphasizes the importance of the weekly close, which could trigger the next significant price movement. If volatility builds as expected, Bitcoin could quickly reach new all-time highs.
Other traders echo this sentiment, noting that current macroeconomic conditions are favorable for Bitcoin. Historical trends show that such environments often lead to spectacular price increases for BTC and the broader crypto market.
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